Do you know how many bucks you have ? - financial literacy for teenagers and why its important !

      With India having more than 50% of its population below the age of 25 , its set to become one of  the youngest country with 64 % of its population in the working age group by 2021.

 The rising job opportunities and with technology changing every day the future Careers are going to evolve with lot of changes and trends with multi skills and diversed career profiles. But one thing that remains stagnant and important is the role of money !

How good are the youth to handle their finances ? Do they have the proper financial awareness ? Sadly, money is not taught in schools. Schools focus on scholastic and professional skills, but not on financial skills. This explains why smart bankers, doctors, and accountants who earned excellent grades may struggle financially all their lives. And one of the reasons the rich get richer , the poor get poorer , and the middle class struggles in debt is that the subject of money is taught at home , not in school. Most of us learn about money from our parents  and the money habits that have been handed down through the generations can be quite influential on teens.

    With severe lack of financial education in this country,  Parents and schools are failing to teach financial literacy for teenagers. Youth often spend at high rates and the ease of getting a credit card worsens the problem. There’s important opportunity to bring financial education for teens to a new level.
The financial literacy for teenagers is money management systems. By the time they move out on their own, most youth will lack the basic systems they need. By “systems,” we’re referring to savings, checking, and retirement accounts, and trusted professionals to guide their planning.

  Below listed are few great books that could change your perspective about MONEY, and how it could make a big difference for you in your earning years.

 

1. Rich Dad Poor Dad :  by Robert T. Kiyosaki

 Kiyosaki walks readers through some childhood reminiscences, a contrast between his not-very-wealthy father and the dad of his friend who happened to be one of the richest residents of Hawaii. The comparison shines a spotlight on how to best manage your money or lack of it, as well as helping your kids to do so as well. 

2. The Total Money Makeover by Dave Ramsay

  The book provides a solid foundation for saving enough money so that the next life emergency won't derail your finances and you can retire comfortably. Ramsey’s cred has always involved paying off your debt so you can get there, and he tells you how.

3. The Millionaire Next Door by business professors William D. Danko and Thomas J. Stanley

"The Millionaire Next Door: The Surprising Secrets of America's Wealthy." After years of research into the wealthy, the authors interestingly found that most of them don't live in Beverly Hills or drive fancy cars. Instead, these people acquired most of their wealth by working hard, living frugally, and saving most of their money. Contrary to the media's flashy depiction of millionaires, the book emphasizes how to get rich without needing a high-profile job or degree.

4. Best for Beginners: Broke Millennial

As the title suggests, "Broke Millennial: Stop Scraping By and Get Your Financial Life Together" is targeted towards 20- and 30-somethings wanting to learn about finances. Author Erin Lowry makes things easy for young adults who are overwhelmed and confused about debt and budgeting with this smart, motivating guide. Promising to show how to go from "flat-broke to financial badass," it differs from other personal finance books by covering tricky, real-life situations involving money, from managing student loans to not being able to split the bill with friends. In a sea of personal finance books made for older people, "Broke Millennial" offers a fun, relatable take on managing money for beginners.

5. Best for Women: Secrets of Six-Figure Women

Today, more and more women are making six-figures, and their incomes continue to increase at a faster rate than men. To find out how these women became so successful in the workplace, Barbara Stanny interviewed high-earning women of various professional backgrounds and found that they had certain characteristics in common. She put all of this research into "Secrets of Six Figure Women: Surprising Strategies of the Successful High Earners," the perfect book for working women who want to ensure their wealth and success while learning and getting inspiration from other successful women.

#financialawarenessforteens #financialliteracy #SanMarga

Wishing you a great reading !

- Avasant